PNB, one of the top 10 banks in the Philippines, is a commercial bank currently focusing on its retail business, while strongly maintaining its leadership in the overseas remittance business. The OPICS solution is expected to bolster its treasury operations in both these key business areas, and to suitably address its requirements to grow the treasury department.
The bank's anticipated improvements in its treasury operations include higher efficiency and accuracy in the front, middle and back office; enhanced and smoother transaction flow; better risk management through volume and stop-loss limits; and inventory management of securities.
By improving transaction processing, OPICS is also expected to allow traders to concentrate more on providing their customers with enhanced services, thereby optimising their time. The OPICS solution will also support PNB's future plans for building retail fixed income business.
PNB's EVP and Treasury Head Asterio Favis Jr. comments: "Following a stringent evaluation process of three vendors, over a seven-month period, our bank concluded that Misys best fulfilled all our requirements for functionality, local track record, strong and reliable support, and the ability to provide a localised Filipino solution."
The localisation of the solution was one of the most important criteria for the bank during the selection process. With an enviable market share in the Philippines, OPICS provides features that comply with the specific requirements of both the local financial institutions and the central bank, for example, in the area of taxation and reporting. OPICS is instrumental in allowing banks to create and offer innovative new instruments and services to their clients on a regular basis.
K.K. Grover, Misys Wholesale Banking Systems' Country Manager for Philippines comments: "We are proud to be working with Philippines National Bank on this exciting project and are delighted to have OPICS once again voted the treasury, derivatives and capital markets solution of choice in the Philippines. We look forward to working with the bank to achieve the objectives of the project and a fast return on their investment."